The Kingston Financial Group issued a statement to the Hong Kong Stock Exchange at the end of last week warning that there would be a sharp decrease in profits.
“The board of directors of the company wishes to inform the shareholders and potential investors of the company that the company and its subsidiaries anticipates to report a significant decrease of approximately 50% in its profit attributable to owners of the company for the year ended March 31, 2020 as compared with the year ended March 31, 2019. Such a year-on-year significant decrease was primarily attributable to a significant increase in impairment loss on advances to customers in margin financing,” the statement said.
Kingston Financial is an investment holding company, but is also involved in hospitality and gaming, with the company operating the Casa Real Hotel, the Grandview Hotel Macau, and the casinos within these properties under the auspices of the SJM Holdings gaming license.
Kingston’s full financial annual report is expected to be published on June 30. 2020.
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